{"id":2542,"date":"2026-06-19T21:40:06","date_gmt":"2026-06-19T18:40:06","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2542"},"modified":"2026-06-19T21:41:32","modified_gmt":"2026-06-19T18:41:32","slug":"bilano-analizi-copy-5","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2542","title":{"rendered":"Ko\u00e7 Holding&#8217;den 738 Milyar TL Has\u0131lat: 2026 \u0130lk \u00c7eyrek Raporu"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Ko\u00e7 Holding 2026 1 \u00c7eyrek Finansal Sonu\u00e7lar\u0131 ve Analizi (738 milyarl\u0131k has\u0131lattan kalan c\u0131l\u0131z k\u00e2r)\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/StXrN6NCItE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Ko\u00e7 Holding A.\u015e. 2026 Birinci \u00c7eyrek Finansal ve Operasyonel Analiz Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Ko\u00e7 Holding A.\u015e.&#8217;nin 1 Ocak &#8211; 31 Mart 2026 ara hesap d\u00f6nemine ait \u00f6zet konsolide finansal tablolar\u0131n\u0131n kapsaml\u0131 bir analizini sunmaktad\u0131r. Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standartlar\u0131n\u0131 (TMS 29) uygulayarak haz\u0131rlad\u0131\u011f\u0131 tablolarda, operasyonel dayan\u0131kl\u0131l\u0131k ve stratejik portf\u00f6y y\u00f6netimi sergilemi\u015ftir.<\/p>\n<p><b>Temel \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde kaydedilen 3.912 milyon TL&#8217;lik konsolide net zarara kar\u015f\u0131l\u0131k, 2026 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde 2.084 milyon TL net d\u00f6nem kar\u0131 elde edilmi\u015ftir. Ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net kar 522 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Toplam konsolide has\u0131lat, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %4,7 oran\u0131nda artarak 738.043 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> Finansal tablolar, 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir. D\u00f6nem i\u00e7inde 2.808 milyon TL net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Stratejik Portf\u00f6y Hareketleri:<\/b> Ko\u00e7 Finansman A.\u015e.&#8217;nin Ford Otosan&#8217;a devri i\u00e7in s\u00f6zle\u015fme imzalanm\u0131\u015f, Opet Fuchs&#8217;taki paylar\u0131n devri tamamlanm\u0131\u015f ve teknoloji alan\u0131nda TokenFlex \u00fczerinden k\u0131smi b\u00f6l\u00fcnme ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h2>1. Finansal Durum Analizi<\/h2>\n<p>31 Mart 2026 itibar\u0131yla Ko\u00e7 Holding&#8217;in finansal yap\u0131s\u0131, varl\u0131k kompozisyonu ve y\u00fck\u00fcml\u00fcl\u00fck y\u00f6netimi a\u00e7\u0131s\u0131ndan a\u015fa\u011f\u0131daki tabloyu ortaya koymaktad\u0131r:<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131 (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>3.296.891<\/td>\n<td>3.319.255<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>2.451.279<\/td>\n<td>2.532.232<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>5.748.170<\/b><\/td>\n<td><b>5.851.487<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Nakit Varl\u0131klar\u0131:<\/b> Nakit ve nakit benzerleri 392.039 milyon TL seviyesindedir.<\/li>\n<li><b>Finans Sekt\u00f6r\u00fc Alacaklar\u0131:<\/b> Grubun en b\u00fcy\u00fck varl\u0131k kalemini 2.054.522 milyon TL (k\u0131sa ve uzun vadeli toplam) ile finans sekt\u00f6r\u00fc faaliyetlerinden alacaklar olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Kaynak Yap\u0131s\u0131 (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemi<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.811.794<\/td>\n<td>3.806.957<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>792.374<\/td>\n<td>842.263<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>1.144.002<\/td>\n<td>1.202.267<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>5.748.170<\/b><\/td>\n<td><b>5.851.487<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Operasyonel Performans ve Gelir Analizi<\/h2>\n<p>Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde br\u00fct karl\u0131l\u0131\u011f\u0131n\u0131 ve esas faaliyet kar\u0131n\u0131 art\u0131rmay\u0131 ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<h3>Konsolide Gelir Tablosu \u00d6zeti (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Mart 2026<\/td>\n<td>1 Ocak &#8211; 31 Mart 2025<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>738.043<\/td>\n<td>704.473<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>130.526<\/td>\n<td>120.507<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>30.433<\/td>\n<td>22.883<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<td>21.802<\/td>\n<td>8.729<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>2.084<\/b><\/td>\n<td><b>(3.912)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Esas Faaliyet Kar Marj\u0131:<\/b> 2025&#8217;teki %3,2 seviyesinden 2026&#8217;da %4,1&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Yat\u0131r\u0131m faaliyetlerinden 392 milyon TL gelir elde edilmi\u015f, bu rakam ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 344 milyon TL&#8217;nin \u00fczerindedir.<\/li>\n<\/ul>\n<h2>3. Sekt\u00f6rel Performans \u0130ncelemesi<\/h2>\n<p>Ko\u00e7 Grubu, operasyonlar\u0131n\u0131 be\u015f ana sekt\u00f6r alt\u0131nda raporlamaktad\u0131r. Sekt\u00f6rel bazda &#8220;kombine&#8221; (i\u015f ortakl\u0131klar\u0131n\u0131n %100 dahil edildi\u011fi) veriler \u015fu \u015fekildedir:<\/p>\n<h3>Sekt\u00f6rel Kombine Performans (31 Mart 2026 &#8211; Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sekt\u00f6r<\/td>\n<td>Kombine Gelirler<\/td>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<\/tr>\n<tr>\n<td><b>Enerji<\/b><\/td>\n<td>404.574<\/td>\n<td>13.547<\/td>\n<td>11.317<\/td>\n<\/tr>\n<tr>\n<td><b>Otomotiv<\/b><\/td>\n<td>351.498<\/td>\n<td>3.035<\/td>\n<td>7.961<\/td>\n<\/tr>\n<tr>\n<td><b>Finans<\/b><\/td>\n<td>245.871<\/td>\n<td>20.996<\/td>\n<td>14.671<\/td>\n<\/tr>\n<tr>\n<td><b>Dayan\u0131kl\u0131 T\u00fcketim<\/b><\/td>\n<td>143.422<\/td>\n<td>592<\/td>\n<td>(44)<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer<\/b><\/td>\n<td>52.730<\/td>\n<td>(4.122)<\/td>\n<td>(3.982)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Sekt\u00f6rel Analiz Notlar\u0131:<\/b><\/p>\n<ul>\n<li><b>Enerji:<\/b> Toplam kombine gelirlerin yakla\u015f\u0131k %33,7&#8217;sini olu\u015fturarak en b\u00fcy\u00fck gelir kalemini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finans:<\/b> 20.996 milyon TL ile kombine esas faaliyet kar\u0131na en y\u00fcksek katk\u0131y\u0131 yapan sekt\u00f6r olmu\u015ftur.<\/li>\n<li><b>Otomotiv:<\/b> Yat\u0131r\u0131m harcamalar\u0131nda 18.281 milyon TL (kombine) ile ba\u015f\u0131 \u00e7ekmektedir.<\/li>\n<\/ul>\n<h2>4. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grup&#8217;un nakit pozisyonundaki de\u011fi\u015fimler, i\u015fletme faaliyetlerinden sa\u011flanan g\u00fc\u00e7l\u00fc nakit giri\u015fine ra\u011fmen finansman ve yat\u0131r\u0131m \u00e7\u0131k\u0131\u015flar\u0131n\u0131 yans\u0131tmaktad\u0131r:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 76.338 milyon TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r (2025&#8217;te 17.535 milyon TL \u00e7\u0131k\u0131\u015f vard\u0131).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle 41.259 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 28.224 milyon TL temett\u00fc \u00f6demesi dahil olmak \u00fczere toplam 11.443 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>D\u00f6nem Sonu Nakit:<\/b> Nakit ve nakit benzerleri d\u00f6nem sonunda 613.819 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. \u00d6nemli Stratejik Geli\u015fmeler ve Ba\u011fl\u0131 Ortakl\u0131k De\u011fi\u015fimleri<\/h2>\n<p>Raporlama d\u00f6neminde Grubun portf\u00f6y yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fiklikler meydana gelmi\u015ftir:<\/p>\n<ul>\n<li><b>Ko\u00e7 Finansman A.\u015e. Devri:<\/b> 13 Mart 2026 tarihinde imzalanan s\u00f6zle\u015fme ile Ko\u00e7 Finansman paylar\u0131n\u0131n tamam\u0131n\u0131n Ford Otosan&#8217;a devredilmesi kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. Bu varl\u0131klar &#8220;sat\u0131\u015f ama\u00e7l\u0131 elde tutulan varl\u0131klar&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Opet Fuchs Hisse Sat\u0131\u015f\u0131:<\/b> Opet&#8217;in sahip oldu\u011fu %50 oran\u0131ndaki Opet Fuchs paylar\u0131n\u0131n Fuchs SE&#8217;ye devri i\u00e7in \u015eubat 2026&#8217;da s\u00f6zle\u015fme imzalanm\u0131\u015f ve s\u00fcre\u00e7 30 Nisan 2026&#8217;da tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>TokenFlex B\u00f6l\u00fcnmesi:<\/b> Token Finansal Teknolojiler b\u00fcnyesindeki yemek kart\u0131 ve \u00f6deme sistemleri faaliyetleri, 3 \u015eubat 2026 tarihinde yeni kurulan TokenFlex Kurumsal Hizmet Teknolojileri A.\u015e.&#8217;ye k\u0131smi b\u00f6l\u00fcnme yoluyla devredilmi\u015ftir.<\/li>\n<li><b>Tasfiyeler:<\/b> Beko Greece 15 Ocak 2026 tarihinde tasfiye edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>6. Muhasebe Esaslar\u0131 ve Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>Finansal tablolar, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi kategorisinde de\u011ferlendirilmesi nedeniyle TMS 29 standard\u0131na uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00fczeltme Katsay\u0131lar\u0131:<\/b> 31 Mart 2026 endeksi 121,47 olarak belirlenmi\u015f, 2025 sonuna g\u00f6re d\u00fczeltme katsay\u0131s\u0131 1,00000 olarak uygulanm\u0131\u015ft\u0131r. \u00dc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %205 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yabanc\u0131 Para \u00c7evrimi:<\/b> TL tutarlar\u0131n EUR ve USD kar\u015f\u0131l\u0131klar\u0131, 31 Mart 2026 tarihindeki TCMB al\u0131\u015f kurlar\u0131 (1 EUR = 51,0236 TL; 1 USD = 44,3841 TL) \u00fczerinden hesaplanm\u0131\u015ft\u0131r; ancak bu tutarlar finansal tablolar\u0131n resmi bir par\u00e7as\u0131 de\u011fildir.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Enflasyon d\u00fczeltmesi sonucu gelir tablosuna 2.808 milyon TL net parasal pozisyon kayb\u0131 yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2542\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ko\u00e7 Holding, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde k\u00fcresel ve yerel ekonomik dinamiklere ra\u011fmen dayan\u0131kl\u0131 yap\u0131s\u0131n\u0131 korudu\u011funu g\u00f6steren finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Enerjiden otomotive, finanstan dayan\u0131kl\u0131 t\u00fcketime kadar geni\u015f bir yelpazede faaliyet g\u00f6steren grubun toplam has\u0131lat\u0131 738 milyar TL seviyesine ula\u015ft\u0131. Enflasyon muhasebesi standartlar\u0131na g\u00f6re d\u00fczenlenen rapor, holdingin hem operasyonel g\u00fcc\u00fcn\u00fc hem de stratejik yat\u0131r\u0131m ajandas\u0131n\u0131 net bir \u015fekilde ortaya koyuyor. T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck sanayi ve hizmet grubunun 2026 rotas\u0131n\u0131 analiz etti\u011fimiz bu yaz\u0131da, sekt\u00f6r bazl\u0131 performanslar\u0131 ve gelecek \u00f6ng\u00f6r\u00fclerini ke\u015ffedeceksiniz<\/p>\n","protected":false},"author":6,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[240],"class_list":["post-2542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kchol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2542"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2542\/revisions"}],"predecessor-version":[{"id":2543,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2542\/revisions\/2543"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}